Tokens mimicking SpaceX’s branding have seen explosive growth, skyrocketing by over 5824% after the successful test launch of the Starship rocket on Sunday, October 13.
Prices for the cryptocurrencies named SpaceX and StarShip surged dramatically in the wake of this high-profile event, despite the fact that these tokens have no official affiliation with Elon Musk’s space company.
Data from CoinMarketCap shows that the PancakeSwap-based token SPACEX experienced an astonishing increase of 5824% within just 24 hours of trading. As of now, SPACEX boasts a market cap of $80,800, with its price reaching $0.012192.
Another token, simply named SpaceX and built on the Solana (SOL) blockchain, also saw significant movement, climbing by 216% over the same period. However, its price has since fallen by 84.56%, leaving it with a market cap of $16,400.
Additionally, an NFT-game token named StarShip recorded a slight increase of 0.9% after the launch, bringing its current price to $0.0215, with a market cap of $404,251. A separate token related to Starship was also created on the Ethereum (ETH) blockchain, although its price changes have not yet been tracked.
According to a report from the Associated Press, the 400-foot Starship rocket launched successfully near the Mexican border, soaring over the Gulf of Mexico. Unlike its predecessors, this rocket avoided destruction and was safely caught by a mechanism referred to as “chopsticks” upon its return.
Elon Musk, CEO and Chief Technology Officer of SpaceX, shared his excitement on X, detailing how the rocket is designed for rapid reflight, capable of launching again within an hour after its initial ascent. Musk tweeted, “The booster returns within ~5 minutes, so the remaining time is reloading propellant and placing a ship on top of the booster.”
Musk’s influence in the cryptocurrency world is well-documented, as his endorsements—particularly of Dogecoin—have consistently driven up prices across various digital assets. His social media activity has previously resulted in significant price spikes for Bitcoin, Dogecoin, and SHIBA INU.
In a related incident, a series of deepfake videos featuring Musk attempted to scam viewers through fake SpaceX giveaways on YouTube, coinciding with a solar eclipse live stream earlier this year.